Sign In
13 Aug 2008 10:11
ο»Ώ
For Immediate ReleaseΒ
13 August 2008
RAM INVESTMENT GROUP PLC
("RAM" or the "Company")
Β
Update onΒ Litigation
As detailed in the Chairman's statement for theΒ results for theΒ full year 2007 andΒ interims for 2008 theΒ Company's wholly owned subsidiary RAM MediaΒ Ltd hasΒ been involved in litigation with the Greek Ministry of Culture since December 2006. The trial has recently been concluded and onΒ 31 July 2008Β Mr Justice Tugendhat handed down judgment in favour of Ram Media.
Damages were awarded to Ram Media in the sum of β¬2.4 million plus interest and costs. The Ministry was refused permission to appeal by the trial judge, but has until 4 September 2008 to make an application to the CourtΒ ofΒ Appeal.Β AΒ copyΒ ofΒ theΒ judgmentΒ canΒ beΒ foundΒ at:
Β
http://www.bailii.org/ew/cases/EWHC/QB/2008/1835.html
In order to protect Ram Media from creditors whilst the litigation was ongoing the Directors appointed Malcolm Cohen and Tony Nygate of BDO Stoy Hayward LLP as administrators in May 2007.Β
The financial outcome to Ram Investment Group PLCΒ as the parentΒ of Ram Media Ltd is currently difficult to quantify as it will depend onΒ the level of irrecoverableΒ legalΒ costs in the litigation andΒ the level of creditors' claimsΒ as adjudicated by the administrators.Β The DirectorsΒ expect to be able to make further announcements in the final quarter of this year.
Contact:
Β
Laurence Selman,Β RamΒ Investment Group plc on 020 8349 2001
Β
RolandΒ Cornish, Beaumont Cornish Limited on 020 7628 3396
Follow the stocks
